Ford’s Tiny EV Market Share

Cox Automotive has issued its analysis of EV sales in the first quarter. “EV Sales Growth Slows; Market Leader Tesla Stalls” says that Americans bought 268,909 new electric vehicles, which was 7.1% of all new cars sold during the period. Among the major manufacturers, there was a vast difference in market share. Ford, which has invested billions of dollars into EVs, was nearly at the bottom.

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Tesla lost a great deal of ground. “Tesla’s share of the electric vehicle market in Q1 2024 was 51.3%, down from 61.7% one year earlier.”

Seven brands had sales increases of over 50% year over year for the quarter. However, most had only a single-digit market share even with the growth. The brands were BMW, Cadillac, Ford, Hyundai, Kia, Lexus, Mercedes, Rivian and Vinfast.

Ford EV Failure

Despite Ford’s growth, its share of the national EV market was only 4.2%, which put it in 11th place among all manufacturers mentioned. It did worse than Volvo, which sells barely any cars in the US. Volvo’s share was 4.6%.

The Ford results are an embarrassment. It has made an enormous investment in the business and used two of its most iconic brands to enter the market. The F-150 is the top-selling vehicle in America, and it has been for 42 years. Ford’s EV pickup is called the F-150 Lightning. Ford’s Mustang brand has been among the most well-known in the industry since its launch in 1964. Ford’s crossover EV is called the Mustang Mach-E

Ford is lucky that gas-powered cars are still in vogue.